First Singaporean bank debuts in Vietnam

The Singapore-based United Overseas Bank (UOB) will debut in Vietnam on July 2. (Photo: Bloomberg)

Hanoi (VNA) – The
Singapore-based United Overseas Bank (UOB) will debut in Vietnam on July 2. It
is the ninth foreign wholly-owned bank and the first Singaporean bank in the
country.

The UOB Vietnam has charter
capital of 3 trillion VND (131.3 million USD) and has permission to operate in
Vietnam for 99 years.

On March 23 last year, the State
Bank of Vietnam announced it had given preliminary approval for the UOB to set
up in Vietnam during a visit of Singaporean Prime Minister Lee Hsien Loong to the
country. The bank received the in-principle licence in July the same year.

Under the licence, the bank is
able to expand its network in the country, enabling UOB to extend financial
support and offer best-in-class products and service to consumers and
businesses beyond HCM City.

UOB was founded in 1935. Since
then, the bank has developed a global network of more than 500 offices in 19
countries and territories in Asia Pacific, Europe and North America.

In 2013, UOB set up the FDI
Advisory Unit in Vietnam, its ninth unit in the region, to offer integrated
services to its clients expanding their businesses within the country and
across borders.

UOB has also been promoting Vietnam as an investment destination, supporting
its regional clients venturing into and expanding within the country.

In 2015, UOB signed a Memorandum of Understanding with Vietnam’s Foreign
Investment Agency to facilitate trade and investment between Vietnam and
Southeast Asia.